In the joint statement, Obama and Lee affirmed efforts to support expanding economic ties between the two countries through closer cooperation on bilateral tax issues, and forged new cooperation on Smart City development and digital innovation.
They also emphasized the importance of all participating countries to ratify the Trans-Pacific Partnership (TPP) agreement expeditiously, and both committed to strengthen trade capacity building among TPP members.
The TPP deal involves Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the United States and Vietnam.
On security issues, the two leaders reaffirmed the strong bilateral defense partnership, and vowed to broaden cooperation to promote an "open, interoperable, reliable, and secure" global Internet.
The United States deploys aircraft and ships to Singapore on a rotational basis to conduct a variety of regional maritime patrol activities covering counterpiracy, counterterrorism, humanitarian assistance, and disaster response.
In addressing regional and global challenges, the two leaders reaffirmed their commitment as Counter-IS (Islamic State) coalition members to degrade and defeat the extremist group.
"Singapore was the first country in Southeast Asia to join in the global coalition to destroy ISIL," Obama said at the press conference. "And we are grateful that Singapore is making new contributions to this effort by providing valuable medical support to coalition forces."
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